Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has attributed the nosedive of the local economy to the poor leadership under the Akufo-Addo led administration who have steered the affairs of the nation for about 8 years.

He further declared the country as bankrupt citing a number of factors.

According to him, the Akufo-Addo led administration has failed Ghanaians and are unwilling to take responsibility for the economic mess.

Speaking at the 8th CEO Summit held in Accra on Monday, May 27, 2024, John Dramani Mahama said, “Today, we stand at a critical and troubling crossroads. Our beloved country has become a bankrupt and collapsed economy due to the poor leadership of almost eight years.”

“This leadership has failed Ghanaians and yet he [Akufo-Addo] refuses to accept or even take responsibility for the most reckless management of our economy known in history,” he added.

The NDC flagbearer opined that, “This has plunged our nation into an unprecedented economic crisis and pushed more than eight hundred thousand (800,000) Ghanaians below the poverty line.”

Meanwhile, government, as part of efforts to restore the economy to a sound footing run to the International Monetary Fund for a $3 billion financial assistance.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage with Ghanaian authorities for a possible economic support program.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, the IMF's executive board approved Ghana's $3 billion loan facility.

The first tranche of $600 million was received by the Bank of Ghana (BoG) on Friday, May 19, 2023.

Government is expected to receive the second tranche by June ending.

The IMF programme, according to the government, is aimed at restoring macroeconomic stability and safeguarding debt sustainability, among many other objectives.

SA/MA